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[worst case]
If adding an additional permanent structure it will first need planning/zoning approval by the city/county.
Building inspections for all workmanship (foundation/framing/final) will have to be approved.
Your neighbor might agree to building costs and "taking care of it all" for terms of a long-term lease, but his builder might screw up royally and take out power for the whole block in the middle of winter. Everyone's pipes freeze and burst.
At the end of the day...the blame is on YOU.
Since valuation changed, property taxes would be un-capped and assessed to current values.
(This may be at the high end of the scale.)
If Title for that extra house and land and now barn is not separate, and is co-joined with your own property, then total property taxation would have to be re-assessed by the city/county.
That might be a significant unhappy surprise a year from now.
That tax increase may even be greater than your buddy-deal income from any lease.
And it will be permanent until separation of the two properties with legal challenge.
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